(16 Jan 2002)

1. Wide shot of IMF Director Horst Koehler walking out from the Blair House
2. Cutaway of photographer
3. Wide shot of Koehler surrounded by reporters
4. SOUNDBITE: (English) Horst Koehler, IMF Director:
"We are in close contact with the government of President Duhalde. From the beginning, we have sent technical experts for the banking sector there for the debt operation and also for physical measures, so everything is offered to Argentina if they want to take our technical assistance and work on a comprehensive strategy."
5. Cutaway of cameramen
6. SOUNDBITE: (English) Horst Koehler, IMF Director:
" I am encouraged that they are aware that the tool of exchange rate creates a lot of problems and future obstacles. So they confirmed that they want to get rid of this as soon as possible and that is good information."
7. Wide shot of Horst Koehler surrounded by reporters

STORYLINE:

The Director of the International Monetary Fund (IMF) said on Tuesday that his organisation is in close contact with the government of Argentina regarding the country's current economic crisis.

Horst Koehler made the comments on a visit to Washington.

Koehler said the IMF has offered technical assistance to President Duhalde and would work with the Argentine government to develop a comprehensive recovery strategy in wake of the country's four years of recession.

The IMF currently has representatives in Buenos Aires on a fact-finding mission.

But Argentina's president has said his country would only seek emergency funds once it has developed a clear economic program.

Among the new steps, Duhalde said, would be a move to float the peso on the open market within five months.

The peso is now set to an official rate of 1.40 pesos to the dollar, but mainly for foreign trade.

For ordinary Argentines, the peso on the open market floats, hovering at 1.85 to the dollar.

On Tuesday, Argentina's Central Bank said it injected more than 8.8 (m) million (US) dollars US to help strengthen the peso which weakened to more than 2 pesos to the dollar during day trading.

After floating freely for some three days, the value of the peso has depreciated some 45 percent.

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